Big Companies' Finance Chiefs Chat About AI's Impact

At a recent summit, four major companies' finance chiefs discussed the impact of artificial intelligence (AI) on their businesses. Elena Gomez, the CFO at Toast, a cloud-based restaurant management software company, shared her thoughts on how AI could change their workforce. She mentioned that businesses might grow but only retain 80% of their current headcount in the next three years. This shift would affect not just CFOs but all top executives, potentially altering the entire company structure. Gomez highlighted that AI could boost customer experiences and identify internal use cases. Toast plans to invest in both areas to stay balanced. Maria Ferraro, the CFO at Siemens Energy, also expressed how finance chiefs are at the forefront of tech investment decisions. She noted that while many CFOs are investing in digitalization and automation, only a quarter of their processes have been digitized. Ferraro emphasized the need for a cultural shift and learning journey to effectively adopt AI. At Siemens, she's leading a digital finance initiative that aims to align everyone on AI's North Star. Emily Reuter, the CFO of Instacart, sees AI as a growth and efficiency driver. They're moving cautiously to understand where they feel comfortable investing. Mandy Fields, the CFO at e. l. f. Beauty, highlighted a generative-AI-powered social media bot that creates content with 90% accuracy. Fields advocates for collaboration and upskilling executives on finance. The role of the modern CFO is evolving, with a focus on efficiency and human-led decision-making. A recent report found that a CFO’s competence is crucial for investors, second only to market expansion, and above the CEO’s competence. Economic uncertainties and regulatory changes add to the pressure on finance chiefs. Accurate reporting remains essential, but strategic partnerships are increasingly vital.